Auto physical damage written premiums were up 6.5% but direct losses grew 25.1% over pandemic influenced 2020.
Despite experiencing an underwriting loss, the property/casualty insurance industry ended 2021 strong and able to support policyholders, according to a report from Verisk (NASDAQ:VRSK), the global data analytics provider, and the American Property Casualty Insurance Association (APCIA).
In 2021, the insurance industry experienced a $3.8 billion net underwriting loss, after a $5.2 billion underwriting gain in 2020, as incurred losses and loss adjustment expenses grew 11.1% while earned premiums only grew 7.4%. The combined ratio deteriorated as well, to 99.6% after 98.6% in
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